Moran Wealth Management LLC Purchases 47,002 Shares of Garmin Ltd. $GRMN

Key Points

• Moran Wealth Management LLC increased its stake in Garmin Ltd. by 35.8%, purchasing an additional 47,002 shares, bringing their total holdings to 178,135 shares valued at approximately $37.18 million.
• Several institutional investors have also shown significant interest in Garmin, with AQR Capital Management increasing its holdings by 79.3%, while Vanguard Group Inc. now owns over 18.4 million shares worth around $4 billion.
• Garmin's latest quarterly earnings beat consensus estimates, reporting $2.17 EPS and a revenue of $1.81 billion, reflecting a year-over-year revenue increase of 20.4%.

Moran Wealth Management LLC raised its position in shares of Garmin Ltd. (NYSE:GRMN - Free Report) by 35.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,135 shares of the scientific and technical instruments company's stock after buying an additional 47,002 shares during the quarter. Garmin comprises 1.1% of Moran Wealth Management LLC's portfolio, making the stock its 12th biggest holding. Moran Wealth Management LLC owned approximately 0.09% of Garmin worth $37,180,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GRMN. AQR Capital Management LLC boosted its position in shares of Garmin by 79.3% during the 1st quarter. AQR Capital Management LLC now owns 1,585,170 shares of the scientific and technical instruments company's stock valued at $340,574,000 after acquiring an additional 700,967 shares during the last quarter. Nuveen LLC purchased a new stake in Garmin during the first quarter valued at $78,900,000. Vanguard Group Inc. increased its holdings in shares of Garmin by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 18,425,166 shares of the scientific and technical instruments company's stock worth $4,000,656,000 after buying an additional 357,458 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Garmin by 21.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,210,827 shares of the scientific and technical instruments company's stock worth $262,907,000 after buying an additional 211,731 shares during the last quarter. Finally, Clark Capital Management Group Inc. bought a new stake in shares of Garmin in the 1st quarter worth about $40,322,000. Hedge funds and other institutional investors own 81.60% of the company's stock.

Analyst Ratings Changes

Several research analysts recently commented on GRMN shares. Morgan Stanley lifted their price target on Garmin from $186.00 to $193.00 and gave the stock an "underweight" rating in a research report on Friday, September 19th. JPMorgan Chase & Co. raised their price objective on Garmin from $215.00 to $250.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Tigress Financial raised their price objective on Garmin from $285.00 to $305.00 and gave the company a "strong-buy" rating in a research note on Tuesday, September 30th. Weiss Ratings restated a "buy (b)" rating on shares of Garmin in a report on Wednesday, October 8th. Finally, Barclays restated an "underweight" rating and set a $167.00 price target (up previously from $152.00) on shares of Garmin in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $228.75.

Insider Activity

In other news, insider Cheng-Wei Wang sold 10,202 shares of the business's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $232.48, for a total transaction of $2,371,760.96. Following the completion of the sale, the insider directly owned 36,092 shares of the company's stock, valued at approximately $8,390,668.16. The trade was a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 19.54% of the company's stock.

Garmin Stock Performance

Shares of NYSE GRMN opened at $251.35 on Tuesday. The business's 50 day moving average price is $239.42 and its 200-day moving average price is $216.75. Garmin Ltd. has a fifty-two week low of $160.95 and a fifty-two week high of $261.69. The company has a market cap of $48.38 billion, a price-to-earnings ratio of 30.99, a PEG ratio of 2.72 and a beta of 0.98.

Garmin (NYSE:GRMN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The scientific and technical instruments company reported $2.17 EPS for the quarter, beating the consensus estimate of $1.90 by $0.27. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.68 billion. Garmin had a return on equity of 20.00% and a net margin of 23.21%.Garmin's quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.58 EPS. Garmin has set its FY 2025 guidance at 8.000-8.000 EPS. Sell-side analysts predict that Garmin Ltd. will post 7.8 earnings per share for the current year.

About Garmin

Garmin Ltd. designs, develops, manufactures, markets, and distributes a range of wireless devices worldwide. Its Fitness segment offers running and multi-sport watches; cycling products; smartwatch devices; scales and monitors; and fitness accessories. This segment also provides Garmin Connect and Garmin Connect Mobile, which are web and mobile platforms where users can track and analyze their fitness, activities and workouts, and wellness data; and Connect IQ, an application development platform.

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